Everything You Need to Learn About Home Loan Top-Ups!

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Everything You Need to Learn About Home Loan
Top-Ups!
www.finway.in
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Introduction
Buying a home is not an easy task. A lot of time,
effort, and, most importantly, financial
resources go into it. This is what makes home
loans ideal for those whose dream, growing up,
was to own a home. Of course, there will be a
liability once you borrow this loan. However, the
return in terms of satisfaction and happiness
would make that liability seem like nothing. If
you are looking for a home loan in Delhi, you can
also get a top-up loan. Loan top-ups mean
additional loans lent to someone who has already
taken a home loan. These loans are not just for
buying a new house and they can also be utilized
for getting the home renovated.
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Are Home Loan Top-ups Beneficial for You?

• Home loan top-ups can be used for different
  purposes. You can use them to fund your
  education, family wedding, personal needs,
  renovating your house, and business needs.
• This makes them perfect for people who have
  already taken up a home loan.
• Home loan top-ups are better than several other
  loans in terms of the rate of interest. It is
  lower than that of any personal loan.
• These loans allow you to enjoy a tax benefit only
  if you avail of home loan top-ups for
  home-related finances like buying a home or
  renovating one.
• The loan tenure or the time taken to make the
  loan repayment is also more than that of a gold
  loan or personal loan.
• You do not have to provide any additional
  documents to avail of a top-up. The loan
  providers ask for all the necessary information
  once you take up your home loan. Therefore, the
  process becomes easy to execute.

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Eligibility for a Home Loan Top-up

• You can get a home loan top-up from the bank only
  if you already have a home loan.
• Your loan repayment history should be clear and
  reasonable.
• A mortgage is required in the banks name.

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Characteristics of Home Loan Top-ups

• The interest rate of a home loan top-up is almost
  the same as that of a home loan. Any difference
  observed is next to negligible.
• Their interest rate is generally much better than
  that imposed on personal loans.
• You can repay the home loan top-up within 20
  years of availing the loan. Most of the time, the
  repayment period is similar to that of a home
  loan. Factors influencing the tenor period are
  the applicants age, job salary, bank policy, and
  loan amount.
• These are multipurpose loans that is, they are
  not exclusively for home-related finances.

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Conclusion

• You can take low interest home loans to buy your
  dream home. You can also get a top-up on such a
  loan that generally has the same tenor period.
  All that is required of you for borrowing this
  additional loan is to maintain a clean and good
  repayment background. Home loan top-ups can be
  utilized for funding more than just home
  requirements. You can even use them for financing
  either personal or business needs.

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